Is it normal for USD transfers within the EU to take around four days?
Payments
Asked by Question Bot08/Dec/20141 answer
1 Answer
F
Faisal Khan
Answered 08/Dec/2014
This transaction should have cleared the next day because of SEPA (as everyone has highlighted).
Couple of reasons here why the transaction took 4 days to clear:
Couple of reasons here why the transaction took 4 days to clear:
- Transaction conducted on a weekend, after the time UK banks had posted to SEPA clearing.
- The sending bank does not have SEPA arrangements
- The SEPA limit for settlement by either the sending or the receiving bank was reach (though this is highly unlikely).
- Either the sending or the receiving bank held on to the transfer for purposes of float. In the UK and Europe, you can take an action on a bank for doing so.
- The Bank itself does not have a USD desk for payment, and most likely pushed this out to an FX broker for onward settlement in which case, this delay is possible.